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How can I save money on life insurance?
There are ways to save money when buying life insurance, but they don’t always entail paying a lower premium immediately. As your top priority, look for a policy that meets your needs. Buying the wrong benefits for a low premium is a waste, not a saving. Beyond that, here are some ways to maximize your life insurance dollars.

Before you buy
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How should I choose a life insurance agent?
When you’re considering buying life insurance, it’s important to choose an agent or broker who can help you. Buying life insurance can be complicated or confusing. The key to buying the right amount and the right type of policy at a good rate is a good agent or broker. You should choose one who:
  • Understands your financial...
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How can I assess the financial strength of an insurance company?
Five independent agencies—A.M. Best, Fitch, Moody’s, Standard & Poor’s, and Weiss—rate the financial strength of insurance companies. Each has its own rating scale, its own rating standards, its own population of rated companies, and its own distribution of companies across its scale. Each agency uses numbers or plusses and minuses to indicate min...
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How do I pick a life insurance company?
Roughly 1,000 life insurance companies sell life insurance in the U.S., but many are members of groups of companies and so aren’t really competitors with each other. Having separate companies enables a group to offer its products through separate distribution channels, to more efficiently meet the regulatory requirements of particular states, or to achieve other organiza...
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How should I choose what type of life insurance to buy?
You should consider term life insurance if:
  • You need life insurance for a specific period of time. Term life insurance enables you to match the length of the term policy to the length of the need. For example, if you have young children and want to ensure that there will be funds to pay for t...
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Why should I purchase permanent insurance?
A permanent life policy provides lifelong insurance protection. The policy pays a death benefit if you die tomorrow or if you live to be a hundred. There is also a savings element that will grow on a tax-deferred basis and may become substantial over time. Because of the savings element, premiums are generally higher for permanent than for term insurance. However, the premiu...
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What are the different types of permanent policies?
  • Whole or ordinary life
    This is the most common type of permanent insurance policy. It offers a death benefit along with a savings account. If you pick this type of life insurance policy, you are agreeing to pay a certain amount in premiums on a regular basis for a specific death benefit. The savings element would grow based on divi...
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    What are the types of term insurance policies?
    Term insurance comes in two basic varieties—level term and decreasing term. These days, almost everyone buys level term insurance. The terms “level” and “decreasing” refer to the death benefit amount during the term of the policy. A level term policy pays the same benefit amount if death occurs at any point during the term.

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    What is a beneficiary?
    A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. You can name:
    • One person
    • Two or more people
    • The trustee of a trust you’ve set up
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    How is life insurance sold?
    How is life insurance sold? You can buy life insurance either as an “individual” or as part of a “group” plan. Individual Policy When you buy an individual policy, you choose the company, the plan, and the benefits and features that are right for you a...
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